Funding arb · Price arb /

PENGU

all PENGU markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 02:00 UTC−0.0150%/8h= −16.4% APRpaid last 24h −0.020%

Price spread now: Variational Omni against SoDEX−0.044%7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on SoDEX Short on Variational Omni

What this pair did over the last

the charts below follow

Funding, last 3 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—+ Points / potential airdropVariational Omni: Active · farm boardneeds both histories

Both sides work against this trade now: funding costs −$5 a day on $10k at the current rate, and Variational Omni is 0.044% cheaper against SoDEX than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	SoDEX PENGU-USD	0.008792	0.0100	pay 0.0013% / 1h	45m 29s	$1K	$5K	5x
Short	Variational Omni PENGU	0.008788	−0.0050	pay 0.0025% / 4h	2h 45m	$876K	$1.0M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Variational Omni against SoDEX. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee SoDEXbpFee Variational OmnibpOrdersPrice spread, now −0.044%Rate

Funding earned: −$31.53
Price spread: −0.044% → 0.000%: −$4.39
Slippage, 4 orders: no order book: not counted
Fee SoDEX: 4 bp × 2 orders: −$8
Fee Variational Omni: 0 bp × 2 orders: $0
Net: −$43.92
Costs to cover: 0.080%
Break-even: never at this rate

Slippage unknown: SoDEX: no order-book sample; Variational Omni: RFQ quote, 4 min ago. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy SoDEX no order-book sample	—	—	—	—	—
Sell Variational Omni RFQ quote, 4 min ago	3.97 bp	doesn't fit	18.7 bp −$187	doesn't fit	doesn't fit

SoDEX: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

PENGU on 34 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Nado PENGU-PERP	−0.0130%	1h	0.008775	−0.193%	$568K	$952K	5x	as long as short
Gate PENGU_USDT	−0.0052%	4h	0.008771	−0.239%	$3.4M	$15.4M	75x	as long as short
Variational Omni PENGUshort	−0.0050%	4h	0.008788	−0.044%	$876K	$1.0M	—
ApeX Omni PENGUUSDT	−0.0034%	1h	0.008823	+0.353%	$80K	$248K	50x	as long as short
Deribit PENGU_USDC-PERPETUAL	0.0000%	1h	0.008795	+0.034%	$18K	$10K	10x	as long as short
gTrade (Gains Network) PENGU/USD	L +0.0007% / S −0.0003%	1h	0.008775	−0.192%	$33K	—	150x	as long as short
Injective PENGU/USDC PERP	+0.0033%	1h	0.008789	−0.034%	$3K	$117K	5.5x	as long as short
01 Exchange PENGUUSD	+0.0056%	1h	0.008778	−0.159%	$201	$64	5x	as long as short
Lighter PENGU	+0.0096%	1h	0.008784	−0.091%	$305K	$698K	8x	as long as short
Orderly PERP_PENGU_USDC	+0.0097%	4h	0.008772	−0.227%	$19K	$175K	20x	as long as short

Show all 34 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid PENGU	+0.0100%	1h	0.008780	−0.136%	$8.2M	$15.0M	5x	as long as short
Aster PENGUUSDT	+0.0100%	4h	0.008783	−0.101%	$168K	$441K	20x	as long as short
Pacifica PENGU	+0.0100%	1h	0.008775	−0.193%	$151K	$242K	5x	as long as short
Binance PENGUUSDT	+0.0100%	4h	0.008773	−0.214%	$37.2M	$156.9M	75x	as long as short
Bybit PENGUUSDT	+0.0100%	4h	0.008768	−0.273%	$22.8M	$38.0M	75x	as long as short
OKX PENGU-USDT-SWAP	+0.0100%	4h	0.008769	−0.262%	$7.5M	$47.4M	50x	as long as short
Arcus PENGU-USD	+0.0100%	1h	0.008780	−0.136%	$19K	$24K	5x	as long as short
MEXC PENGU_USDT	+0.0100%	4h	0.008776	−0.182%	$12.2M	$12.8M	125x	as long as short
KuCoin PENGUUSDTM	+0.0100%	4h	0.008778	−0.159%	$4.7M	$9.0M	75x	as long as short
Bitget PENGUUSDT	+0.0100%	4h	0.008777	−0.171%	$8.3M	$12.6M	75x	as long as short
BingX PENGU-USDC	+0.0100%	4h	0.008765	−0.307%	—	$2.3M	—	as long as short
Backpack PENGU_USDC_PERP	+0.0100%	1h	0.008787	−0.057%	$301K	$323K	10x	as long as short
GRVT PENGU_USDT_Perp	+0.0100%	4h	0.008848	+0.635%	$471K	$2.1M	10x	as long as short
SunX PENGU-USDT	+0.0100%	4h	0.009005	+2.423%	$3K	$2.1M	10x	as long as short
SoDEX PENGU-USDlong	+0.0100%	1h	0.008792	long leg	$1K	$5K	5x
HTX PENGU-USDT	+0.0100%	4h	0.008815	+0.262%	$89K	$327K	25x	as long as short
Extended PENGU-USD	+0.0104%	1h	0.008773	−0.211%	$181K	$940K	10x	as long as short
Aevo PENGU-PERP	+0.0104%	1h	0.008799	+0.080%	$203K	—	3x	as long as short
dYdX PENGU-USD	+0.0174%	1h	0.008779	−0.151%	$12K	$4K	5x	as long as short
Kraken Futures PF_PENGUUSD	+0.0210%	1h	0.008804	+0.133%	$364K	$2.3M	50x	as long as short
Reya PENGURUSDPERP	+0.0238%	1h	0.008772	−0.230%	$296	—	10x	as long as short
BloFin PENGU-USDT	+0.0340%	4h	0.008832	+0.455%	$1.5M	$3.2M	75x	as long as short
GMX PENGU/USD [WBTC.b-USDC]	L +0.0512% / S −0.0708%	1h	0.008792	0.000%	$114K	—	100x	as long as short
Coinbase International PENGU-PERP-INTX	+0.1352%	1h	0.008967	+1.990%	$95K	$104K	50x	as long as short